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onttrekking

English translation: reduction / debit

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:onttrekking
English translation:reduction / debit
Entered by: Alexander Schleber
Options:
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09:11 Jul 3, 2004
Dutch to English translations [PRO]
Bus/Financial - Finance (general) / Annual report
Dutch term or phrase: onttrekking
"De geleidelijke afboeking naar de resultatenrekening zal gebeuren op basis van het afschrijvingsritme van nieuwe vaste activa (zie X.A ‘Onttrekking aan de uitgestelde belastingen’)."

Still busy with that Belgian annual report.
"Onttrekking" normally means "withdrawal" but the direct translation -> 'Withdrawal from deferred taxes' does make sense to me. Could it be that the are referring to a "reduction" of the provisions for deferred taxes here?

TIA to the experts.
Alexander Schleber
Belgium
Local time: 17:00
amounts charged to the deferred taxes provision
Explanation:
By definition, provisions have a credit balance. They are either shown as liabilities or as deductions from the assets for which they were formed. Any "ontrekking" from a provision therefore has to be a debit entry (a charge) to the provision account. Even if no provision were involved in this case (the Flemish text does not mention the word "voorziening") but simply a (contingent) liability for deferred taxes included in the accounts, my suggested translation would still be appropriate, whereas withdrawal would then be musch less so. Perhaps this is what threw you.

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Note added at 2 hrs 19 mins (2004-07-03 11:30:57 GMT)
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To make things a little more complicated (-:, deferred taxes can be debits (assets: amounts recoverable) or credits (liabilities: amounts payable). Perhaps things would become clearer if you could give us some more information.
Selected response from:

xxxjarry
South Africa
Local time: 17:00
Grading comment
Thanks to all for the input and learned explanations. The whole still sounded a little dubious to me, also because of the sentence syntax, so I decided to go with "reduction". Simple and effective, I think.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3amounts charged to the deferred taxes provisionxxxjarry
4 +1withdrawal
Jacqueline van der Spek
3released
Marijke Singer


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
withdrawal


Explanation:
Your translation doesn't sound at all weird to me. I think you are perfectly right that your client has made provisions for the deferred taxes and now that he has started writing off he needs to withdraw from his provisions.

HTH,
Jacqueline

Jacqueline van der Spek
Netherlands
Local time: 17:00
Works in field
Native speaker of: Native in DutchDutch
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
agree  AllisonK: klopt volgens van Amerongen
2 hrs
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
released


Explanation:
It may be that they mean:
released from deferred taxation

See websites:
http://www.aeci.co.za/New/Financial/2003AnnualReport/Account...
"Deferred taxation released as a result of transfers of property, plant and equipment to and from subsidiaries at income tax values is re-established by the transferee company"

http://www.btplc.com/report/1998-99/notes/note10.htm
"Deferred taxation provision released due to reduction in corporation tax rate"

Marijke Singer
United Kingdom
Local time: 16:00
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 48
Login to enter a peer comment (or grade)

2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
amounts charged to the deferred taxes provision


Explanation:
By definition, provisions have a credit balance. They are either shown as liabilities or as deductions from the assets for which they were formed. Any "ontrekking" from a provision therefore has to be a debit entry (a charge) to the provision account. Even if no provision were involved in this case (the Flemish text does not mention the word "voorziening") but simply a (contingent) liability for deferred taxes included in the accounts, my suggested translation would still be appropriate, whereas withdrawal would then be musch less so. Perhaps this is what threw you.

--------------------------------------------------
Note added at 2 hrs 19 mins (2004-07-03 11:30:57 GMT)
--------------------------------------------------

To make things a little more complicated (-:, deferred taxes can be debits (assets: amounts recoverable) or credits (liabilities: amounts payable). Perhaps things would become clearer if you could give us some more information.

xxxjarry
South Africa
Local time: 17:00
Specializes in field
Native speaker of: English
PRO pts in category: 353
Grading comment
Thanks to all for the input and learned explanations. The whole still sounded a little dubious to me, also because of the sentence syntax, so I decided to go with "reduction". Simple and effective, I think.

Peer comments on this answer (and responses from the answerer)
agree  AllisonK: could also work
2 hrs

agree  Chris Hopley
3 hrs

agree  Ton Remkes
11 hrs
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